Download in charge of UAE market upgrade to “Emerging Market” status by MSCI

Press Release
DFM honors “Task Force” in charge of UAE market upgrade to “Emerging
Market” status by MSCI
Dubai, 26th June 2013: Dubai Financial Market (DFM) honored the “Task Force”
assigned with handling the series of development plans which led to the UAE
market upgrade to “Emerging Market” status by the MSCI. Essa Kazim, Managing
Director & CEO of DFM applauded the efforts of the team members who have
shown dedication which ultimately helped to develop the market infrastructure
according to international best practices. Kazim reaffirmed his deep belief that
this team is well qualified to continue these successes at a similar pace, as DFM is
currently preparing for further development plans to be materialized in the
future.
“DFM adopted enormous development plans years ago including the
implementation of the Delivery versus Payment (DVP) in 2011, as well as
reviewing and updating its procedures in line with this mechanism. The Task Force
suggested and drafted regulations and work procedures, and submitted them to
the Securities and Commodities Authority (SCA) including Securities Lending and
Borrowing (SLB), Market Making, Short Selling, Liquidity Provision and trading of
Rights Issues,” Kazim added.
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Press Release
“The upgrade of the UAE market to “Emerging Market” status by the MSCI is
recognition from international institutions of the reliability of our market
structure and the fulfillment of international investors’ requirements. We believe
that this development will positively reflect on our market, in fact market activity
over the past few months indicates this with foreign investors net in-flows
reaching AED 1.5 Billion since the beginning of the year”, Kazim concluded.
Main developmental initiatives implemented by the DFM Task Force:
 Implementation DVP mechanism;
 Introduction of Buyer Cash Compensation;
 Provide consultation to SCA’s SLB, Market Making, Short-Selling, Liquidity
Provision regulations and trading of Rights Issues;
 Implement Error Correction Procedures;
 Reviewing and updating procedures in line with the market enhancements;
 Corporate Action Payment Agent for DFM Listed Companies;
 Implemented the iVESTOR Card Program.
- Ends-
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Press Release
About Dubai Financial Market: Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body.
DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal
Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial
instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000. Following its initial public
offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a
public joint stock company. Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse
Dubai Limited. www.dfm.ae
For further information, please contact:
Atef Fathy
Vice President - Media & Public Relations
Dubai Financial Market
Tel: 04-3055334
Email: [email protected]
www.dfm.ae